ZURICH, Switzerland, Apr. 28, 2009 -- Pacific Environmental Resources Corp. and Alinda Capital Partners LLC were presented the Global Water Awards' 2009 "Water Deal of the Year" Award of Distinction for their contribution to the advancement of public-private partnerships in the international water sector specific to their contract to design, build, operate and finance the Santa Paula Water Recycling Facility.
The award was given to PERC and Alinda by Al Gore, former Vice President of the United States and Nobel laureate, at an awards banquet at the Zurich Marriott Hotel Monday, Apr. 27th in Zurich, Switzerland. The prizes were awarded on the basis of votes cast by readers of Global Water Intelligence (GWI), one of the premier international news magazines for professionals in the water sector, and members of the International Private Water Association and the International Desalination Association.
GWI described the Santa Paula deal as a "ground-breaking transaction which can be emulated across the United States." As municipalities struggle to raise funds for infrastructure projects and reduce risk of environmental damage, public-private partnerships are become more appealing. The decision by the City of Santa Paula to use private sector funding, according to GWI, demonstrates a "bold new direction in the financing of US water infrastructure." PERC and Alinda's "elegant solution" removes the construction and operational risk from the City and has a lower risk profile than those utilizing tax-exempt financing.
Brian Cullen, President of PERC, said "We are delighted and honored to be presented this award by the Global Water Intelligence. We greatly appreciate the recognition the Santa Paula project has received over the past year and believe the pioneering structure of this public-private partnership will be adopted by many other public agencies throughout the US."
PERC was chosen from among three other projects from the Middle East and Russia respectively.
The Santa Paula Water Recycling Facility, located in Ventura County, California, will be a new 4.2 million gallon per day facility for the City of Santa Paula. PERC and Alinda were awarded the contract in May 2008; engineering commenced immediately and construction was initiated in July 2008. Operations will begin no later than December 15, 2010. PERC will operate the new facility under a 30-year concession with Santa Paula Water. This will be the first facility of its type to be built under California's new regulations encouraging private investment to meet public infrastructure needs.
PERC is a water recycling company that designs, builds, operates and manages water recycling facilities throughout the United States.
Alinda is an independent investment firm that specializes in infrastructure investments that serve communities, governments and businesses.